Pension Transfer QROPS And QNUPS

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Pension Transfer QROPS & QNUPS

�QROPS

Credenda Associates Qrops information is based on the latest developments worldwide.There have been numberous sites claiming that 100% of the pension can be taken out of the QROPS provided 5 years have elapsed as an expat. These claims go against the spirit of the�product and we have now seen the HRMC outlaw QROPS based in Singapore and�challenge other juresdictions because they did not comply. Credenda Associates offer clients access to QROPS based out of Guernsey and the Isle of Man and we only use ones that have adhered to the HMRC new guidelines, this means tax free cash of 30%.Our free Qrops guide is available, please request your copy. today.

QROPS - Qualifying Recognised Overseas Pension Schemes Whilst many schemes have claimed to be able to move a UK based pension offshore, until now it has not been possible to do this legally and with the permission of the UK tax authorities. This has been primarily because, in return for the tax-relief an individual receives on their pension contributions, the Revenue is expecting to tax the income they receive when the compulsory annuity is purchased; and then take any residual value on their death!

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However, in April 2006, it was announced that British expatriates could move their pension benefits to a Qualifying Recognised Overseas Pension Scheme (QROPS) with the Revenue's approval. The final details of this have only just become clear. The rules of the scheme must be broadly equivalent in terms of treatment, to a UK registered pension scheme and the QROPS trustee must provide Her Majesty’s Revenue & Customs (HMRC) with information on certain “events”. The key difference is that a QROPS can be transferred to an onshore pension scheme in a more favourable jurisdiction once the individual has been offshore for 5 years.

If structured in this way, transferring pension benefits via a QROPS can have huge benefits: Firstly, if the pension is transferred to certain jurisdictions, the individual can take�30% of their pension’s value as a tax-free lump sum at any time after the age of 55.

This is without the compulsion of purchasing an annuity. Annuities are extremely unpopular in the UK with both pensioners and the press because they are extremely poor value and (except in very few circumstances) never return what the pension has had to invest. On top of this, the income is taxed in the UK even if the individual is not resident there.

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As there is no compulsion to purchase an annuity, the individual is free to do whatever they want with the released benefits. Some may choose to hold the money in a high interest offshore bank account which returns more than an annuity and is tax-free whilst they are resident outside Europe.

Others many choose to invest the money in an offshore bond or capital protected offshore investment with the view of getting even better returns.

Others may use the money to purchase a property with the rental income returning more than an annuity would and, hopefully there would be some capital gain as a bonus!

Then, on the individuals’ death, the value of the bank account/investment/property passes to their loved ones rather than the Chancellor.
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What do I do next?

Credenda Associates were one of the first to be able to offer QROPS to expatriates in Europe and Asia. We have several years experience in this complicated field and have teamed up with the worlds largest financial institutions and the most respected providers of QROPS administration, to offer safe, quick and easy transfer of pension benefits.

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Credenda Associates can arrange transfers from UK pension schemes to QROPS regardless of where the policyholder resides in the world. For impartial advice on whether it would be in your best interests to transfer your pension benefits overseas.

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Credenda Associates can transfer your UK pensions to a QROPS or a QNUPS, we take out all the hardwork and can service clients globally, in the first instance please use the above enquiry form and we will start the ball rolling.

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Please ensure you provide us with your preferred contact details. We do not charge for providing the pension transfer analysis and there is no obligation to proceed. Any transfer of pension benefits would be directly from your existing pension provider to the QROPS or QNUPS provider.�

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